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NEM Price ‌Analysis:‌ NEM Token Sustaining Above SMA of 20 & 50-Day

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  • Nem token is sustaining above its short-term moving averages of 20 and 50-Day lines, with the lower volume activity over a monthly chart. 
  • The crypto asset rebounds sharply from the lower levels and jumps above the 20 & 50-DMA while still placed below 100 and 200-DMA lines. 
  • The pair of NEM/BTC is trading at 0.000004272 BTC with an intraday loss of -1.73%, and the ratio of NEM/ETH is CMP at 0.00006629 ETH with a significant intraday loss of -6.83%.
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Nem token is trading just above the short-term moving averages of 20 & 50-day, after a long time span. The digital asset over the monthly chart is now trying to rebound from the lower levels after a continuous downtrend for since past few trading sessions.

Whereas, now the token is trading below the vital moving averages of 100 and 200-Day, while volume is not supported. Volume at the chart is lower and falls below its average line, which needs to improve in upcoming trading sessions. Support on the lower side is at $0.1320 and $0.1080, whereas resistance on the higher side is $0.2290 and $0.3140.

NEM token is trading under the rising channel pattern

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The NEM token is trading under the rising channel pattern at the weekly time frame with making higher highs and lower lows. At the same time, the volume over the chart is not supported and needs to improve for positive momentum. In addition, the technical parameters currently reach the overbought zone and indicate slight profit-taking, pulling the stock lower. Presently, the NEM token is trading at $0.1698 with an intraday loss of -8.01%, and the volume to market cap ratio is at 0.06902.

Relative Strength Index (NEUTRAL): NEM token RSI presently indicates a sideways or flat trend over the weekly chart. In contrast, the RSI is trading flat after testing the overbought zone and now CMP 49.

Moving Average Convergence Divergence (BEARISH): This currently indicates a negative or bearish trend on the daily chart. This is because the seller’s signal line (orange) overpowers the buyer’s line (blue) with no sign of significant recovery. 

Support levels: $0.1320 and $0.1080

Resistance levels: $0.2290 and $0.3140.

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